Growth opportunities in the Eyewear Market look promising over the next six years. This is mainly due to the rising inclination of the millennial population for fast fashion, escalating demand for designer sunglasses, and the increasing cases of optical deficiencies.
Eyewear Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting incidences of eye defects and visual weakness throughout the world have stimulated the demand for eyeglasses. In accordance with the World Health Organization, over 2.2 billion people, in 2019, in the world suffered from blindness or vision impairment. Also, the surging stress of vision causality and eye conditions across low and middle-income nations, primarily in South-Asia and Sub-Saharan Africa, has raised the demand for spectacles to rectify the damaged eyesight population. In addition, brand awareness in consumers and the mounting demand for affluent glasses are driving the market size. The growing trend of fast fashion among millennials provokes producers to manufacture and design appealing and economical eyewear. In addition, people are now choosing stylish and trendy sunglasses, which will strengthen the eyewear market size.
Furthermore, strategic measures integrated by the prominent market players have remarkably bolstered the market growth. For example, Indian companies, including Coolwinks and Vision Express, have initiated providing an eye-check-up for patients at home. The company offers the users to opt for frames and try them in real-time with the e-commerce platform “Lenskart,” which is driving the market growth. However, the low acceptance rate led by the excessive cost of lenses and maintenance concerned with the products will hamper the eyewear market share.
Distribution Channel Segment Drivers
Based on the distribution channel, online is predicted to dominate the market over the forecast period. This is primarily attributed to the vast prominence of online advertising and e-retailing as key players in the market like Ace and Tate, Hubble are encouraging the promotion and attracting customers from the same. The increasing popularity of online sales has resulted in a notable increase in the number of online start-ups, including Hubble, Eyewa, and Ace & Tate, thus contributing to the growth of the market.
Regional Drivers
Based on the regional coverage, Europe is projected to lead the market over the forecast period. According to “Fashion Revolution Foundation,” over 1700 in April 2019 fashion events took place with more than 80,000 participants, which represent the hyperactivity of the population for fashion, portraying the fashion industry’s enlargement to the rising European of the eyewear market. In European countries such as Germany, Italy, France, and United Kingdom, these products come under personal protective equipment, making it important for the suppliers to cohere to the directives. Moreover, the vigorous prevalence of leading fashion brands including, Gucci S.p.A., Prada S.p.A., and TOM FORD, is bolstering the market growth.
Eyewear Market’s leading Manufacturers:
- Johnson & Johnson Vision
- Fielmann
- Bausch Health Companies Inc.
- EssilorLuxottica
- Coolwinks
- Safilo Group S.p.A.
- ZEISS International
- CooperVision
- Vision Express
- Alcon
Eyewear Market Segmentation:
Segmentation by Product Type
- Contact Lenses
- Spectacles
- Sunglasses
Segmentation by End User
- Men
- Women
- Unisex
Segmentation by Distribution Channel
- Offline
- Online
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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